Iowa Code 524.1308A – Known claims against dissolved state bank
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1. A dissolved state bank may dispose of the known claims against it pursuant to this section.
Terms Used In Iowa Code 524.1308A
- Bank: means a corporation organized under this chapter, a national bank, a federal savings association, or an out-of-state bank. See Iowa Code 524.103
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- notice: means as defined in section 490. See Iowa Code 524.533
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
- State bank: means any bank incorporated pursuant to the provisions of this chapter after January 1, 1970, and any "state bank" incorporated pursuant to the laws of this state and doing business as such on January 1, 1970, or a bank organized as a mutual corporation under this chapter. See Iowa Code 524.103
2. The dissolved state bank shall notify its known claimants in writing of the dissolution at any time after the effective date of the dissolution. The written notice must include all of the following:
a. A description of information that must be included in a claim.
b. The mailing address where a claim may be sent.
c. The deadline for submitting a claim, which may not be fewer than one hundred twenty days from the effective date of the written notice, by which the dissolved state bank must receive the claim.
d. A statement that the claim will be barred if not received by the deadline.
3. A claim against the dissolved state bank is barred if either of the following occur:
a. A claimant who was given written notice under subsection 2 does not deliver the claim to the dissolved state bank by the deadline.
b. A claimant whose claim was rejected by the dissolved state bank does not commence a proceeding to enforce the claim within ninety days from the effective date of the rejection notice.
4. For purposes of this section, “claim” does not include a contingent liability or a claim based upon an event occurring after the effective date of dissolution.
5. As used in this section, the term “notice” means as defined in section 490.141.